Alt Thinking April 30, 2026
Video Commentary
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Ninepoint Fixed Income Outlook

Fixed Income Outlook - 4.2026 - video
Investment Team
  • Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski
    Partner, Senior Portfolio Manager
    Mark Wisniewski is Partner and Senior Portfolio Manager at Ninepoint Partners and oversees the firm’s Fixed Income team and investment strategies. Prior to Ninepoint’s formation, Mark was with Sprott Asset Management (SAM) from 2015, rounding out more than 30 years of investment industry experience, specializing in fixed income. Prior to SAM, Mark was a Portfolio Manager specializing in alternative credit products at GluskinSheff & Associates, where he managed $1.3 billion across several...
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  • Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque, MBA, CFA
    Vice President, Portfolio Manager
    Etienne Bordeleau-Labrecque is Vice President, Portfolio Manager at Ninepoint Partners. With over 10 years of expertise across equities, interest rates and credit, he now focuses primarily on the firm’s Fixed Income franchise. Prior to Ninepoint’s formation, Etienne was with Sprott Asset Management (SAM) from 2012, where he worked as an Analyst and Associate Portfolio Manager, covering North American equities in the financial, energy, utility and health care sectors. From 2008 to 2011, Étienn...
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  • Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick, MBA, CFA
    Associate Portfolio Manager
    Nick Warwick is an Associate Portfolio Manager at Ninepoint Partners. Prior to Ninepoint, Nick was with TD Asset Management as a credit analyst covering the global oil & gas and non-North American financials sector. Past sector coverage includes pipelines, utilities, and industrials. Prior to his time at TD Asset Management, Nick worked for TD Securities on a foreign exchange sales desk in addition to a fixed income sales desk. Nick holds a Bachelor of Arts Degree from Queen's University...
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Key Takeaways
  • Rising energy prices and elevated U.S. inflation may keep the Fed on hold for longer.
  • Canada’s weaker labour market gives the Bank of Canada more flexibility despite inflation concerns.
  • Record AI hyperscaler bond issuance is creating new opportunities — and potential pressure — in credit markets.

April 2026

In this month's Fixed Income video commentary preview, Vice President, Portfolio Manager Etienne Bordeleau shares his latest views on fixed income markets, including the impact of rising energy prices, elevated U.S. inflation, diverging central bank policy in Canada and the U.S., and the growing influence of AI hyperscaler bond issuance on credit markets.

Key Topics Covered:

  • Energy Price Shock – Iran conflict keeps pressure on energy prices.
  • Sticky U.S. Inflation – April CPI rose 3.8% year over year.
  • Fed on Hold – Elevated inflation limits near-term rate-cut flexibility.
  • BoC Stays Cautious – Weak labour market offsets energy-driven inflation concerns.
  • Policy Divergence – Canada’s weaker economy gives the BoC more room than the Fed.
  • AI Bond Supply Surge – Hyperscaler issuance is rising sharply in the U.S. and Canada.
  • Google’s Record Deal – Google issued C$8.5B, Canada’s largest bond deal ever.
  • Spread Pressure – Heavy IG issuance could push credit spreads wider.
  • Selective Positioning – The team remains active, but mindful of supply-driven risks.